This post is part 5 in the 5 part series about the top fears entrepreneurs face. You can read part 1, part 2, and part 3, and part 4.
In our final segment of our five part blog series on tackling entrepreneurial fears, we will be discussing the fear of staying afloat, especially in today’s uncertain economy. To start a business, you need money. To operate a business, you need money. To grow a business, you need money. See the pattern? It’s not a secret that money is a monster of a concern for entrepreneurs and small business owners. However, you can overcome this fear by building confidence in your business and your product or offering and maintaining your success with continuous growth.
Analyze Your Product/Offering
Ask yourself if your product or offering is better and/or cheaper than what is currently out there and how it differentiates. You have to determine whether there’s truly a consumer need for what you’re offering. Once you find your product or offering benefits a certain sector more than anything else that’s out there, you have found your target consumer. Also think about new offerings or new business processes to improve your business.
Understand Your Target
Now that you’ve found who you are target, it’s time to really get to know them. Find out as much as possible about them, including their wants and needs. As a business owner, you have to understand where the need of your customers resides and how to satisfy your customers’ needs. Yet your aim should not only be to satisfy them, but exceed their expectations. Think about what else you can do to truly make their experience memorable.
Sell Your Product/Offering
As an entrepreneur, you often become a sales person and with that you have to put yourself out there relentlessly. Review your sales pitch and processes periodically to remain relevant and fresh with your potential customers. Address their needs and how your company and your services/offerings can help them and their business. You have to master the art of selling, which could mean several rejections. However, take each attempt as another opportunity to practice selling because with practice, you can only improve your sales pitch.
Aim for Growth
You have all the above ingredients to stay afloat. Now it’s time to take the extra step and start being proactive about growing your business to truly stay afloat. It will require time, money and risk, but the reward can be great. Think about how you can expand your business. Should you seek more clients, hire more staff or expand your offerings? Or maybe you can expand your current employees’ knowledge and skills by providing educational classes. If it’s a bigger operation like taking on a larger, new client, remember to be ready with working capital. And if you’re ready for working capital, don’t forget your friends at Far West Capital can help you with your questions.
As we conclude our Halloween-inspired five part series on Tackling Entrepreneurial Fears, we encourage you to remember not to let the zombies, vampires and ghosts scare you out of making your business dreams a reality. Leave your fears for Halloween.